The way in which this application translates Wiimote signals into sounds and images is slightly confusing, but we'll pretend that we know what we're talking about. Essentially, a Mac uses Bluetooth technology to synthesize audio from the Wiimote's signals. The Mac then sends the information to a PC, where a program called "vvvv" makes ambient shapes from the sound patterns (ala Electroplankton). Pretty spiffy, if you ask us.
You can check this website to watch videos of the project in action, but if you just want to know how it works and see the people behind it all, we provided some handy pictures after the jump.